Howard Marks: Mastering the Market Cycle

Oaktree Capital co-founder Howard Marks shares his insights on the forces shaping the market cycle and discusses how his writing has informed his perspective as an investor.

On why he turned to writing to share his investment philosophies: “I am not writing to make investing easy. I would rather write to show how hard it is, because there are so many things that have to be juggled simultaneously. But if you take an area, like investing, and you try to make it seem easy, you’re really doing people a disservice. If we said to people, you know, if you really spent some time on it, you could do your own dentistry or your own legal work or fix your own car…And the same is true with investing. For some reason, while nobody does their own dentistry or auto repairs, everybody thinks they can be an investor. And if they’re going to try, I’m at least going to give them some of the considerations.”